Sunday, May 28, 2017

WTIC West Texas Intermediate Crude Oil Daily Chart; Death Cross

Oil prints a death cross with the 50-day MA stabbing down through the 200-day MA forecasting lower prices for oil ahead. Typically, however, price will tend to bounce when a death cross occurs (since a long trend lower already occurs to push the 50-day MA under the 200) but prices will be lower in the weeks and months ahead if the death cross remains in play.

The death cross occurs by only 2 measly cents. The 50-day MA is 49.60 and the 200 is at 49.62. Note how the two moving averages have been hugging each other for the last week or two waiting to see which way the 50-day will move. Oil bears will be happy as long as the 50 remains below the 100. Oil bulls will celebrate if the 50 starts running higher above the 200 again which will nullify the death cross. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added Monday Morning, 6/5/17: WTIC oil finishes last week at 47.66 and is at 47.63 to begin the new week.

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